Allan Skytte, a consumer economist with FDM, contended that the disarray of oil at OPEC and the drop of sanctions against Iran have helped push the price down.

“The agreement that Iran made with the world powers ended the sanctions. That means more oil in the market and lower prices,” Skytte told DR Nyheder.

“There isn’t really anyone in the market who can take the lead and increase the price. Usually, OPEC did that, but they can’t agree on a higher price. We can likely expect cheaper prices for the duration of the year.”